ETH Attempts to Continue Its Climb

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Ethereum 4-hour candle chart, approximately 9:30 A.M. ET, 2/9/22.

Ethereum has broken above resistance once more as it tests the $3,200 range once more.

These gains come as much of the cryptocurrency space awaits the call from the Ethereum Foundation to the greater Ethereum community. Many are curious as to what will be said in this call, and many believe what’s said on the call could have an influence on price action.

The MFI is still trending downwards, however, it is attempting to hold in this area. The MACD’s momentum waves are making an attempt at swinging upwards, while the EMAs are also trying to swing upwards once more.

The overall cryptocurrency market is currently around $2 trillion and the overall volume is currently around $88 billion. BTC dominance is down slightly to 41.3% and ETH dominance is up slightly to 18.8% with Ethereum and altcoins outpacing BTC.

ETH to BTC ratio daily candle chart, approximately 10:45 A.M. ET, 2/9/22.

Ethereum is looking like it could prepare to outpace BTC once more on its daily ratio chart. It tested resistance the other day, however, it was rejected. If the buy-side pressure in ETH continues to outpace BTC, it wouldn’t be surprising if resistance is tested once more and broken. This is especially possible considering the potential fundamental developments that could be announced in the Ethereum call on Friday. The MFI is trending upwards and the MACD is also looking to trend upwards.